$300mm repurchase plan was completed in 4Q so no authorization was available ytd 2018. Average price paid was $12.82 for the year.

New $300mm repurchase plan. Disappointing that it was not increased vs 2017, but the good news is that it can buy more than twice as many shares …

Dividend reduced to $0.44/year which is estimated to equal 2018 “net cash flow, excluding gains”. This implies $239mm of “net cash flow, excluding gains”. The company reported basic 2017 FFO of -$26mm, gains of $135mm, and “Core FFO” of $665mm. It’s not clear to me how the 2018 guidance implied in the dividend corresponds to reported 2017 results.

Closing of $1.4Bn digital infrastructure fund after year-end

$280mm of third party capital raised in 4Q17 bringing the full-year total to $2Bn. Successful transformational to the co-investment business model will require more outside money.

I don’t see any big surprises in the results of the “verticals”: Healthcare, Hospitality, Industrial.